Rockhaven Resources Ltd.
CNQ : ROCK

Rockhaven Resources Ltd.

January 30, 2008 15:24 ET

Rockhaven Resources Ltd. Completes Acquisition of Mineral Assets from Strategic Metals Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 30, 2008) - Rockhaven Resources Ltd. ("Rockhaven" or the "Corporation") (CNQ:ROCK) is pleased to announce that, further to press releases dated November 6 and December 4, 2007 Rockhaven has completed the acquisition of certain mineral properties located in the Yukon Territory (the "Properties") from Strategic Metals Ltd. ("Strategic").

Pursuant to the terms of the acquisition agreement, Rockhaven issued 8,000,000 common shares (the "Consideration Shares") at a deemed purchase price of $0.375 for aggregate consideration of $3,000,000 to Strategic. The Consideration Shares are subject to a 3 year escrow agreement in compliance with the escrow requirements contained in the policies of Canadian Trading and Quotation Systems Inc. ("CNQ"). For additional information regarding the Properties refer to the press release dated November 6, 2007.

Board of Directors and Management

In connection with the completion of the Transaction and as previously described in the Corporation's press release dated November 6, 2007, Richard Graham has resigned as President of the Corporation but remains a director of the Corporation. In addition, the former board and management team have resigned.

The following directors and officers have been appointed such that the current board and management team include: James M. Stephen, Chief Executive Officer, W. Douglas Eaton, Chief Financial Officer and Chief Operating Officer, Robert Carne, President and director, Glenn R. Yeadon, Secretary and director, R. Allan Doherty, director and David G. Skoglund, director.

Stock Options

In connection with the completion of the Transaction, the Corporation has issued stock options to acquire 750,000 common shares of the Corporation at an exercise price of $0.50 per share to the directors and officers of the Corporation with a term of 5 years from the date of issuance.

Early Warning of Insider in Excess of 10%

In connection with the Acquisition, Strategic has acquired ownership of an additional 8,000,000 Common Shares, representing 41.6% of the issued and outstanding Common Shares on an undiluted basis. After giving effect to these acquisitions, Strategic now owns: 8,975,000 Common Shares, representing 46.6% of the issued and outstanding Common Shares on an undiluted basis.

The Corporation has been advised that Strategic may from time to time increase or decrease its ownership of, or control over any of the Corporation's securities through market transactions, private agreements or otherwise.

For further information or to obtain a copy of the early warning report filed in connection with the above, please contact Strategic Metal Ltd., Attention: Graham Downs, Corporate Communications, at (604) 687-2522, or graham@nordacres.com.

Amended North Abitibi Agreement

Rockhaven also announces that it has amended its July 10, 2006 option agreement with Tri Origin Exploration Ltd. ("Tri Origin") effective January 15, 2008. Under the amended terms, Tri Origin must spend a total of $750,000 in exploration costs by October 15, 2008 and pay $500,000 by December 18, 2008 to earn a 70% interest in the North Abitibi property in Ontario.

The CNQ has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Rockhaven Resources Ltd.
    Robert Carne
    President
    (604) 688-2568